the staff of the Ridgewood blog
Ridgewood NJ, Governor Murphy once again plays games with the New Jersey pension funds . At stake are benefit payments to nearly 800,000 active and retired state and local workers.
For years, New Jersey had over inflated its assumption on returns on public pension fund investments ,but in the waning days of the Christie administration the NJ Department of treasury moved to face reality.
The Christie’s administration lowered the assumed rate of return ie… how much money the pension system expects to make from its investments from 7.65 percent to 7 percent .
The change was praised by the pension fund actuaries, who say expecting a 7 percent return on investments is closer to what other large funds can reasonably figure they’ll get over the long term.
Facing investment reality, without the needed pension reforms and has increased state pension contributions another $422.5 million in Murphy’s first year, and leaves New jersey with a $1.2B public-worker pension mess.
The real people at risk are the taxpayers, when the benefits promised must be fulfilled.
The problem is we are politicians borrowing money from the pension fun for their projects.
1, Remember Christie Dad Whitman borrowing billions of dollars from the pension fun to fund major road projects construction throughout the state.
2, Do you remember governor “Corzine. Another one taken billions of dollars in investing in bad bones that went belly up.
3, and then we have fat ass investing billions of dollars into a Megamall in the Meadowlands. Which they knew was a disaster from the beginning they should’ve stopped and tore down. But now even as today we are investing huge amount of money to finish this project good luck.
Hey blame the people who voted them in. They were fooled .
Here’s the trick…Fuck the union slobs who have been ripping off the citizens of NJ for far to long.
Party’s over pals..Get someone else to flip a dime for ya.
Wow ‘ ok don’t call the police and fire department’s then.
Here’s the trick…Fuck the union slobs ……….said by a guy who screws his clients each and every day. So yea I guess his comment is really not a surprise.
I have a registered firearm and I have fire insurance.
I don’t need Barney Fife and I sure as hell don’t need anyone to save my basement.
FD and PD are over bloated union machines taking every last dollar out of your pocket b4 the board of Ed get to you. Then my friend…you are truly screwed and you say thank you.
Idiots.